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we.trade wins Sustainability Award in the NTT DATA Open Innovation Contest

DUBLIN, 17 December 2020 - we.trade, a secure digital platform that makes it easier and more reliable for buyers and sellers to trade globally, has won the United Nations Sustainability Goal (SDG) Award at the NTT DATA Open Innovation 11 Contest.  

Participants across the world undertook a series of challenges and we.trade was the winner of the United Nations SDG Award for the challenge set by the European Bank for Reconstruction and Development (EBRD) to automate the assessment of its green trade finance transactions. 

“Our annual Open Innovation Contest is an important part of NTT DATA’s innovation program. It allows us to engage with the global start up community and bring best of breed ideas to our clients,” said Paul Twigg, CTO, NTT DATA Services.  

“We believe technology should play a major part in making the world a better place, so one of the major considerations in selecting the winning start-ups is alignment with the United Nations SDGs.  

“we.trade’s journey to incorporate ‘green’ trade on their platform is a fundamental part of their roadmap delivery and will add significant value to we.trade’s member banks and their clients.” 

Julie Cairn, Product Owner at we.trade proposed incorporation of a programme that would enable clients to show their ESG green credentials on their company profile and include relevant metrics on the platform.  

This year, the EBRD joined the contest as a partner for the first time by providing a challenge – to automate the assessment of its green trade finance transactions. The introduction of automated assessment based on publicly available and searchable databases of green technologies and materials will allow the bank to scale up its green trade finance. 

Tom Flemming, EBRD’s Acting Associate Director, Innovation and Insight, who represented the organisation on the judging panel said : “We were very pleased to join the prestigious NTT DATA Open Innovation Contest. It was exciting to see someone apply the same innovative cryptographic techniques that have attracted so much attention in the trading and currency spaces to the challenge of certifying green companies and products.”              

Ends

For more information about we.trade, please visit https://we-trade.com/ 

For further information contact
Alan Fitzsimons, we.trade tel. +353 87 6666 800 or [email protected] 

About we.trade
we.trade Innovation DAC (we.trade) is a joint-venture company owned by 12 banks and technology provider IBM. The company was started with nine banks in January 2017 under the project name, Digital Trade Chain, and was officially renamed as we.trade in October 2017. we.trade has developed a digital trade platform based on the Linux Foundation’s Hyperledger Fabric and runs on the IBM Blockchain Platform. The we.trade digital platform delivers reliability, simplicity and security to global trade transactions across trade finance, insurance and logistics. Clients can register for we.trade via their banks. Caixa Bank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS, UniCredit and IBM are shareholders in we.trade while UniCreditAG in Germany, EuroBank in Greece, and ČSOB, Komerční Banka and Česká Spořitelna in the Czech Republic are licensees. 

About ERBDThe EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated.

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